A new white paper from Clareo lays out a plan to turn around the mining industry. The Case for Innovation in the Mining Industry aims to help readers understand the industry’s global challenges and why this is a critical time for mining companies.

Over the last decade, the mining industry has experienced spiraling operational costs and a decline in productivity of more than 10% annually. Yet the industry’s investment in research and development is well under 1%—far less than other industrial sectors like oil & gas, according to Clareo.

To overcome these problems, mining companies need to commit to faster and smarter innovation practices.

In a recent study, Clareo, a consulting firm with expertise in the global resource sector, examined the economic, technical and political challenges confronting mining companies.

“We found there are tremendous opportunities for technological and business-model innovations in the mining industry,” said Peter Bryant, a partner at Clareo. “By collaborating with worldclass leaders, especially from outside the mining ecosystem, companies can drive rapid and effective change that gives them a strong competitive advantage.”

To read Clareo’s findings about the mining company of the future, download the free white paper, The Case for Innovation in the Mining Industry – http://www.clareopartners.com/pages/2015/05/25/the-mining-company-of-the-future-its-time-is-now/?utm_source=pr&utm_medium=release&utm_campaign=mine-innov-body

Clareo, helps leaders create new ways to grow their business—core, adjacent and new—and build the plans and capabilities needed to get there. Its Fortune 1000 clients include corporations in the Resources and Energy industries such as Barrick Gold, Exelon, Johnson Controls, Baker Hughes, Anglo American, BP, GE, Schlumberger, AngloGold Ashanti, Castrol, BNP, Rio Tinto, and Dingo Software.